Operating Profit of 3.1 Billion KRW and Revenue of 1.1595 Trillion KRW in the First Half
Second Quarter Revenue and Operating Profit Up 7.4% Year-on-Year
"Growth in Core Food and Beauty Businesses... Achievements from Next-Morning Delivery Expansion"
Kurly recorded its first-ever semiannual operating profit in the first half of this year. This marks the first time the company has achieved a profit for two consecutive quarters, following its performance in the first quarter. The company explained that it has established a structure that maintains profitability while expanding its scale, by creating synergies between its core businesses?such as food and beauty?and new ventures.
According to the Financial Supervisory Service’s electronic disclosure system on August 11, Kurly’s consolidated operating profit for the first half of this year was provisionally tallied at 3.1 billion KRW, marking its first semiannual profit since its founding. During the same period, revenue reached 1.1595 trillion KRW, a 7.6% increase compared to the same period last year.
For the second quarter, revenue was reported at 578.7 billion KRW and operating profit at 1.3 billion KRW, representing increases of 7.4% respectively.
EBITDA for the first half of this year was 16.1 billion KRW, up 106.8% from the same period last year. Over the same period, the company’s total gross merchandise value (GMV) increased by 13.6% to 1.7062 trillion KRW.
The growth of Kurly’s core businesses, such as food and beauty, along with the expansion of its next-morning delivery service and entry into new business areas, are considered to have driven these results. The transaction volume in Kurly’s core food category in the first half increased by 11.5% year-on-year. According to the company, Beauty Kurly also maintained steady growth due to sustained demand for both luxury and indie brands.
Among new businesses, the transaction volume for seller-shipped products (3P), which includes fulfillment services (FBK), increased by 59.4%. The diversification of products and the strengthening of FBK’s competitiveness, particularly in fashion and kitchenware, played a significant role. Earlier this month, Kurly established a new ‘3PL Cold Center’ in Ansan, Gyeonggi Province to further enhance FBK’s competitiveness.
The significant expansion of the next-morning delivery service area last year also proved effective. Starting with Gyeongju in February last year, Kurly launched the service in 11 new regions, including Pohang, Yeosu, Suncheon, Gwangyang, and Gwangju. Last month, the company also launched a same-day delivery service in Jeju Island. As the next-morning delivery service area expanded, the number of new customers also increased.
From the second half of this year, Kurly plans to accelerate company-wide AX (AI transformation) initiatives. To this end, the company established the AX Center last month, an organization dedicated to leading the planning of new AI-based businesses. The AX Center will drive the adoption and utilization of AI technologies within the organization, aiming to innovate both work processes and service value.
Kim Jonghun, Kurly’s Chief Financial Officer (CFO), stated, “As a result of focusing on strengthening our core businesses and exploring new ventures in the first half of this year, we achieved the significant milestone of two consecutive quarters of profit and our first-ever semiannual profit. While maintaining operating profit, our revenue growth rate is accelerating, and we will do our utmost in the second half to ensure that this trend continues to expand.”
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